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Title: |
Pooling and Servicing Agreement |
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Entities: |
Cede & Co.; Freddie Mac; IMPAC Mortgage Holdings, Inc.; Impac Secured Assets Corp Mort Pass THR Certs SER 2003-2 ; UBS Securities LLC; Federal National Mortgage Association |
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Date: |
2003 |
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Size: |
Preview shows 33KB of 617KB total |
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Price: |
$99 |
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ID: |
#2109740 |
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IMPAC SECURED ASSETS CORP.,
Company,
IMPAC FUNDING CORPORATION
Master Servicer,
and
DEUTSCHE BANK NATIONAL TRUST COMPANY
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of June 1, 2003
----------
Mortgage Pass-Through Certificates
Series 2003-2
================================================================================
{PAGE}
TABLE OF CONTENTS
Page
----
ARTICLE I
DEFINITIONS .............................................................. 3
Section 1.01. Defined Terms .............................................. 3
Accrued Certificate Interest ......................................... 3
Advance .............................................................. 3
Aggregate Stated Principal Balance ................................... 3
Agreement ............................................................ 3
Assignment ........................................................... 4
Available Distribution Amount ........................................ 4
Balloon Loan ......................................................... 4
Balloon Payment ...................................................... 4
Bankruptcy Amount .................................................... 4
Bankruptcy Code ...................................................... 5
Bankruptcy Loan ...................................................... 5
Bankruptcy Loss ...................................................... 5
Book-Entry Certificate ............................................... 5
Business Day ......................................................... 5
Cash Liquidation ..................................................... 5
Certificate .......................................................... 5
Certificate Account .................................................. 5
Certificate Account Deposit Date ..................................... 6
Certificateholder .................................................... 6
Certificate Owner .................................................... 6
Certificate Principal Balance ........................................ 6
Certificate Register ................................................. 7
Class ................................................................ 7
Class A Certificate .................................................. 7
Class A-1 Certificate ................................................ 7
Class A-2 Certificate ................................................ 7
Class A-3 Certificate ................................................ 7
Class A-4 Certificate ................................................ 7
Class A-IO Certificate ............................................... 7
Class A-IO Regular Interest .......................................... 7
Class A-PO Certificate ............................................... 8
Class B Certificate .................................................. 8
Class B-1 Certificate ................................................ 8
Class B-2 Certificate ................................................ 8
Class B-3 Certificate ................................................ 8
Class B Percentage ................................................... 8
{PAGE}
Class B-1 Prepayment Distribution Trigger ............................ 8
Class B-2 Percentage ................................................. 8
Class B-2 Prepayment Distribution Trigger ............................ 9
Class B-3 Percentage ................................................. 9
Class B-3 Prepayment Distribution Trigger ............................ 9
Class M-1 Certificate ................................................ 9
Class M-2 Certificate ................................................ 9
Class M-2 Percentage ................................................. 9
Class M-2 Prepayment Distribution Trigger ............................ 10
Class M-3 Certificate ................................................ 10
Class M-3 Percentage ................................................. 10
Class M-3 Prepayment Distribution Trigger ............................ 10
Class P Certificate .................................................. 10
Class R Certificate .................................................. 10
Class R-1 Interest ................................................... 10
Class R-2 Interest ................................................... 10
Closing Date ......................................................... 10
Code ................................................................. 11
Collateral Value ..................................................... 11
Commission ........................................................... 11
Company .............................................................. 11
Compensating Interest ................................................ 11
Corporate Trust Office ............................................... 11
Countrywide .......................................................... 11
Credit Support Depletion Date ........................................ 11
Curtailment .......................................................... 11
Custodial Account .................................................... 11
Cut-off Date ......................................................... 11
Debt Service Reduction ............................................... 11
Defaulted Mortgage Loan .............................................. 11
Deficient Valuation .................................................. 12
Definitive Certificate ............................................... 12
Deleted Mortgage Loan ................................................ 12
Depository ........................................................... 12
Depository Participant ............................................... 12
Determination Date ................................................... 12
Discount Fraction .................................................... 12
Discount Mortgage Loan ............................................... 12
Disqualified Organization ............................................ 12
Distribution Date .................................................... 13
Due Date ............................................................. 13
Due Period ........................................................... 13
Eligible Account ..................................................... 13
Eligible Funds ....................................................... 13
Event of Default ..................................................... 13
Excess Bankruptcy Loss ............................................... 14
{PAGE}
Excess Fraud Loss .................................................... 14
Excess Proceeds ...................................................... 14
Excess Special Hazard Loss ........................................... 14
Extraordinary Events ................................................. 14
Extraordinary Losses ................................................. 14
Fannie Mae ........................................................... 14
FDIC ................................................................. 15
Final Scheduled Distribution Date .................................... 15
Foreclosure Loan ..................................................... 15
Fraud Loss Amount .................................................... 15
Fraud Losses ......................................................... 15
Freddie Mac .......................................................... 15
Initial Certificate Principal Balance ................................ 15
Initial Notional Amount .............................................. 15
Insurance Policy ..................................................... 15
Insurance Proceeds ................................................... 15
Interest Accrual Period .............................................. 16
Interest Only Certificates ........................................... 16
Interest Remittance Amount ........................................... 16
Late Collections ..................................................... 16
Liquidated Mortgage Loan ............................................. 16
Liquidation Proceeds ................................................. 16
Loan-to-Value Ratio .................................................. 16
Lost Note Affidavit .................................................. 16
Master Servicer ...................................................... 16
Master Servicer Prepayment Charge Payment Amount ..................... 16
Master Servicing Fees ................................................ 16
Master Servicing Fee Rate ............................................ 17
MERS ................................................................. 17
MERS(R) System ....................................................... 17
MIN .................................................................. 17
MOM Loan ............................................................. 17
Monthly Payment ...................................................... 17
Moody's .............................................................. 17
Mortgage ............................................................. 17
Mortgage File ........................................................ 17
Mortgage Loan ........................................................ 17
Mortgage Loan Purchase Agreement ..................................... 18
Mortgage Loan Schedule ............................................... 18
Mortgage Note ........................................................ 19
Mortgage Pool ........................................................ 19
Mortgage Rate ........................................................ 19
Mortgaged Property ................................................... 19
Mortgagor ............................................................ 19
Net Liquidation Proceeds ............................................. 19
Net Mortgage Rate .................................................... 19
{PAGE}
Net Prepayment Interest Shortfall .................................... 19
Non-Discount Mortgage Loan ........................................... 19
Non-Primary Residence Loan ........................................... 19
Nonrecoverable Advance ............................................... 20
Non-United States Person ............................................. 20
Notional Amount ...................................................... 20
Officers' Certificate ................................................ 20
Opinion of Counsel ................................................... 20
Optional Termination Date ............................................ 20
OTS .................................................................. 20
Outstanding Mortgage Loan ............................................ 20
Ownership Interest ................................................... 21
Pass-Through Rate .................................................... 21
Percentage Interest .................................................. 21
Permitted Investment ................................................. 21
Permitted Transferee ................................................. 22
Person ............................................................... 23
Pool Strip Rate ...................................................... 23
Prepayment Assumption ................................................ 23
Prepayment Charge .................................................... 23
Prepayment Distribution Percentage ................................... 23
Prepayment Distribution Trigger ...................................... 24
Prepayment Interest Shortfall ........................................ 24
Prepayment Period .................................................... 24
Primary Hazard Insurance Policy ...................................... 24
Primary Insurance Policy ............................................. 24
Principal Only Collection Shortfalls ................................. 24
Principal Only Certificates .......................................... 24
Principal Only Distribution Amount ................................... 25
Principal Prepayment ................................................. 25
Principal Prepayment in Full ......................................... 25
Prospectus Supplement ................................................ 25
Purchase Price ....................................................... 25
Qualified Insurer .................................................... 26
Qualified Substitute Mortgage Loan ................................... 26
Radian ............................................................... 26
Radian Insured Loans ................................................. 26
Radian Lender-Paid PMI Policy ........................................ 26
Radian PMI Policy Rate ............................................... 26
Rating Agency ........................................................ 27
Realized Loss ........................................................ 27
Record Date .......................................................... 27
Regular Certificate .................................................. 27
Relief Act ........................................................... 27
Relief Act Interest Shortfall ........................................ 27
REMIC ................................................................ 27
{PAGE}
REMIC 1 .............................................................. 27
REMIC 2 .............................................................. 28
REMIC Provisions ..................................................... 28
Remittance Report .................................................... 28
REO Acquisition ...................................................... 28
REO Disposition ...................................................... 28
REO Imputed Interest ................................................. 28
REO Mortgage Loan .................................................... 28
REO Proceeds ......................................................... 28
REO Property ......................................................... 29
Request for Release .................................................. 29
Residual Interest .................................................... 29
Responsible Officer .................................................. 29
Seller ............................................................... 29
Senior Certificates .................................................. 30
Senior Percentage .................................................... 30
Senior Principal Distribution Amount ................................. 31
Servicing Account .................................................... 31
Servicing Advances ................................................... 31
Servicing Guide ...................................................... 31
Servicing Officer .................................................... 31
Single Certificate ................................................... 31
Special Hazard Amount ................................................ 31
Special Hazard Loss .................................................. 32
Standard & Poor's .................................................... 32
Startup Day .......................................................... 32
Stated Principal Balance ............................................. 32
Subordinate Certificate .............................................. 33
Subordinate Percentage ............................................... 33
Subordinate Principal Distribution Amount ............................ 33
Sub-Servicer ......................................................... 33
Sub-Servicer Remittance Date ......................................... 33
Sub-Servicing Account ................................................ 33
Sub-Servicing Agreement .............................................. 33
Sub-Servicing Fees ................................................... 33
Sub-Servicing Fee Rate ............................................... 33
Substitution Adjustment .............................................. 34
Tax Returns .......................................................... 34
Transfer ............................................................. 34
Transferor ........................................................... 34
Trustee .............................................................. 34
Trustee's Fee ........................................................ 34
Trustee Fee Rate ..................................................... 34
Trust Fund ........................................................... 34
Uncertificated Principal Balance ..................................... 34
Uncertificated REMIC 1 Accrued Interest .............................. 34
{PAGE}
Uncertificated REMIC 1 IO Notional Amount ............................ 35
Uncertificated REMIC 1 Pass-Through Rate ............................. 35
Uncertificated REMIC 1 Regular Interest LTA2 ......................... 36
Uncertificated REMIC 1 Regular Interest LTA4 ......................... 36
Uncertificated REMIC Regular Interest LTIO ........................... 36
Uncertificated REMIC 1 Regular Interest LTMB ......................... 36
Uncertificated REMIC 1 Regular Interest LTP .......................... 36
Uncertificated REMIC 1 Regular Interest LTPO ......................... 36
Uncertificated REMIC 1 Regular Interests ............................. 37
Uncertificated REMIC 1 Regular Interest LTA1 Distribution Amount ..... 37
Uncertificated REMIC 1 Regular Interest LTA2 Distribution Amount ..... 37
Uncertificated REMIC 1 Regular Interest LTA4 Distribution Amount ..... 37
Uncertificated REMIC 1 Regular Interest LTIO Distribution Amount ..... 37
Uncertificated REMIC 1 Regular Interest LTMB Distribution Amount ..... 37
Uncertificated REMIC 1 Regular Interest LTP Distribution Amount ...... 37
Uncertificated REMIC 1 Regular Interest LTPO Distribution Amount ..... 37
Uncertificated REMIC 1 Regular Interest LTR2 Distribution Amount ..... 37
Uncertificated REMIC 1 Regular Interest Distribution Amounts ......... 38
Underwriter .......................................................... 38
Uninsured Cause ...................................................... 38
United States Person ................................................. 38
Voting Rights ........................................................ 38
Wendover ............................................................. 38
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES ........................................ 39
Section 2.01. Conveyance of Mortgage Loans ............................... 39
Section 2.02. Acceptance of the Trust Fund by the Trustee ................ 42
Section 2.03. Representations, Warranties and Covenants of the Master
Servicer and the Company ................................... 44
Section 2.04. Representations and Warranties of the Seller ............... 46
Section 2.05. Issuance of Certificates; Conveyance of REMIC Regular
Interests and Acceptance of REMIC 2 by the Trustee ......... 47
ARTICLE III
ADMINISTRATION AND SERVICING
OF THE TRUST FUND ........................................................ 49
Section 3.01. Master Servicer to Act as Master Servicer .................. 49
{PAGE}
Section 3.02. Sub-Servicing Agreements Between Master Servicer and
Sub-Servicers .............................................. 50
Section 3.03. Successor Sub-Servicers .................................... 52
Section 3.04. Liability of the Master Servicer ........................... 52
Section 3.05. No Contractual Relationship Between Sub-Servicers and
Trustee or Certificateholders .............................. 52
Section 3.06. Assumption or Termination of Sub-Servicing Agreements by
Trustee .................................................... 52
Section 3.07. Collection of Certain Mortgage Loan Payments ............... 53
Section 3.08. Sub-Servicing Accounts ..................................... 54
Section 3.09. Collection of Taxes, Assessments and Similar Items;
Servicing Accounts ......................................... 54
Section 3.10. Custodial Account .......................................... 55
Section 3.11. Permitted Withdrawals From the Custodial Account ........... 56
Section 3.12. Permitted Investments ...................................... 57
Section 3.13. Maintenance of Primary Hazard Insurance .................... 57
Section 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements .. 59
Section 3.15. Realization Upon Defaulted Mortgage Loans .................. 61
Section 3.16. Trustee to Cooperate; Release of Mortgage Files ............ 62
Section 3.17. Servicing Compensation ..................................... 63
Section 3.18. Maintenance of Certain Servicing Policies .................. 63
Section 3.19. Annual Statement as to Compliance .......................... 64
Section 3.20. Annual Independent Public Accountants' Servicing Statement . 64
Section 3.21. Access to Certain Documentation ............................ 65
Section 3.22. Title, Conservation and Disposition of REO Property ........ 66
Section 3.23. Additional Obligations of the Master Servicer .............. 68
Section 3.24. Additional Obligations of the Company ...................... 68
Section 3.25. Exchange Act Reporting ..................................... 68
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS ........................................... 71
Section 4.01. Distributions .............................................. 71
Section 4.02. Statements to Certificateholders ........................... 77
Section 4.03. Remittance Reports; Advances by the Master Servicer ........ 79
Section 4.04. Distributions on the REMIC 1 Regular Interests ............. 81
Section 4.05. Allocation of Realized Losses .............................. 82
Section 4.06. Information Reports to Be Filed by the Master Servicer ..... 83
Section 4.07. Compliance with Withholding Requirements ................... 83
ARTICLE V
THE CERTIFICATES ......................................................... 84
Section 5.01. The Certificates ........................................... 84
{PAGE}
Section 5.02. Registration of Transfer and Exchange of Certificates ...... 85
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates .......... 90
Section 5.04. Persons Deemed Owners ...................................... 90
Section 5.05. Rule 144A Information ...................................... 90
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER ...................................... 92
Section 6.01. Liability of the Company and the Master Servicer ........... 92
Section 6.02. Merger, Consolidation or Conversion of the Company or the
Master Servicer ............................................ 92
Section 6.03. Limitation on Liability of the Company, the Master Servicer
and Others ................................................. 92
Section 6.04. Limitation on Resignation of the Master Servicer ........... 93
Section 6.05. Sale and Assignment of Master Servicing .................... 93
ARTICLE VII
DEFAULT .................................................................. 95
Section 7.01. Events of Default .......................................... 95
Section 7.02. Trustee to Act; Appointment of Successor ................... 96
Section 7.03. Notification to Certificateholders ......................... 98
Section 7.04. Waiver of Events of Default ................................ 98
Section 7.05. List of Certificateholders ................................. 98
ARTICLE VIII
CONCERNING THE TRUSTEE ................................................... 99
Section 8.01. Duties of Trustee .......................................... 99
Section 8.02. Certain Matters Affecting the Trustee ...................... 100
Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans ...... 101
Section 8.04. Trustee May Own Certificates ............................... 101
Section 8.05. Trustee's Fees ............................................. 102
Section 8.06. Eligibility Requirements for Trustee ....................... 102
Section 8.07. Resignation and Removal of the Trustee ..................... 103
Section 8.08. Successor Trustee .......................................... 103
Section 8.09. Merger or Consolidation of Trustee ......................... 104
Section 8.10. Appointment of Co-Trustee or Separate Trustee .............. 104
{PAGE}
ARTICLE IX
TERMINATION .............................................................. 106
Section 9.01. Termination Upon Purchase or Liquidation of All Mortgage
Loans ...................................................... 106
Section 9.02. Termination of REMIC 2 ..................................... 107
Section 9.03. Additional Termination Requirements ........................ 107
ARTICLE X
REMIC PROVISIONS ......................................................... 109
Section 10.01. REMIC Administration ...................................... 109
Section 10.02. Prohibited Transactions and Activities .................... 111
Section 10.03. Master Servicer and Trustee Indemnification ............... 112
ARTICLE XI
MISCELLANEOUS PROVISIONS ................................................. 113
Section 11.01. Amendment ................................................. 113
Section 11.02. Recordation of Agreement; Counterparts .................... 114
Section 11.03. Limitation on Rights of Certificateholders ................ 114
Section 11.04. Governing Law ............................................. 115
Section 11.05. Notices ................................................... 115
Section 11.06. Severability of Provisions ................................ 116
Section 11.07. Successors and Assigns .................................... 116
Section 11.08. Article and Section Headings .............................. 116
Section 11.09. Notice to Rating Agencies ................................. 116
{PAGE}
Signatures
Acknowledgments
Exhibit A Form of Class A Certificate
Exhibit B-1 Form of Class M Certificate
Exhibit B-2 Form of Class B Certificate
Exhibit B-3 Form of Class R Certificate
Exhibit B-4 Form of Class P Certificate
Exhibit C Form of Trustee Initial Certification
Exhibit D Form of Trustee Final Certification
Exhibit E Form of Remittance Report
Exhibit F-1 Request for Release
Exhibit F-2 Request for Release for Mortgage Loans Paid in Full
Exhibit G-1 Form of Investor Representation Letter
Exhibit G-2 Form of Transferor Representation Letter
Exhibit G-3 Form of Rule 144A Investment Representation
Exhibit G-4 Transferor Certificate for Transfers of Residual Certificates
Exhibit G-5 Transfer Affidavit and Agreement for Transfers of Residual
Certificates
Exhibit G-6 Form of ERISA Investor Representation Letter
Exhibit H Mortgage Loan Schedule
Exhibit I Seller Representations and Warranties
Exhibit J Form of Notice Under Section 3.24
Exhibit K Impac Funding Corporation Servicing Guide
Exhibit L Schedule of Discount Fractions
Exhibit M-1 Form 10-K Certification
Exhibit M-2 Form 10-K Back-up Certification (Master Servicer)
Exhibit M-3 Form 10-K Back-up Certification (Trustee)
{PAGE}
This Pooling and Servicing Agreement, dated and effective as of June 1,
2003, is entered into among Impac Secured Assets Corp., as company (the
"Company"), Impac Funding Corporation, as master servicer (the "Master
Servicer"), and Deutsche Bank National Trust Company, as trustee (the
"Trustee").
PRELIMINARY STATEMENT:
As provided herein, the Trustee will make an election to treat the
segregated pool of assets consisting of the Mortgage Loans and certain other
related assets subject to this Agreement as a real estate mortgage investment
conduit (a "REMIC") for federal income tax purposes, and such segregated pool of
assets will be designated as "REMIC 1." The Class R-1 Interest will represent
the sole class of "residual interests" in REMIC 1 for purposes of the REMIC
Provisions (as defined herein) under federal income tax law. The following table
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